The value of exported goods in BOP* in the first quarter of 2020 was estimated 150.2 billion ISK and the value of imported goods 168.8 billion ISK. Hence, a deficit of balance of trade in goods in BOP was estimated 18.6 billion ISK. In the same quarter, export of services was estimated 115.5 billion ISK and import of services was estimated 91.4 billion ISK. Hence, the surplus in balance of trade in services was estimated 24 billion ISK.
The total export of trade in goods and services was therefore estimated 265.7 billion ISK in the first quarter of 2020 compared to 308.4 billion in the same period the year before. Import of trade in goods and services was estimated 260.2 billion ISK in the first quarter of 2020 compared to 276.7 billion ISK in the same period the year before. The surplus in balance of trade in goods and services was estimated 5.5 billion ISK in the first quarter of 2020 compared to a surplus of 31.7 billion ISK in the first quarter the year before.
Export value of transport and travel decreases
The total value of exports of services in the first quarter of 2020 decreased by 16.3 billion ISK (12.4%) from the year before, at current rates of exchange. The total exported value of travel in the first quarter of 2020 decreased by 19.4 billion ISK (29.3%) compared with the same period the year before at current exchange rates. Exported value of transport services decreased by 5 billion ISK (13.1%) compared with the same period last year, mainly due to a decrease in the value of exports of passenger transport by air.
In 2020, the value of exports of services to Europe was 59.2 billion ISK or 51.3% of total export value. Thereof, export of services to the United Kingdom was 19.5 billion ISK or 16.9% of total export value. Export of services to the United States was 30.5 billion ISK or 26.4% of total export value for the same period.
Value of imports of services decreases between years
The total value of imports of services in the first quarter of 2020 decreased by 10.8 billion ISK (10.6%) from the year before, at current rates of exchange. The value of imported travel services was 35.5 billion ISK and decreased by 5.9 billion (14.3%).
In 2020, the value of imports of services from Europe was 68.8 billion ISK or 75.3% of total imports of services. Thereof, services import from the United Kingdom was 13.5 billion or 14.8% of total imports. Import of services form the United States was 15.1 billion ISK or 16.5% for the same period.
Monthly trade in goods and services
Parallel to this publication, Statistics Iceland updates data for monthly trade in goods and services for the first quarter of 2020.
In March 2020, total export of trade in goods and services was estimated 86.7 billion ISK and total import of trade in goods and services was estimated 96.8 billion ISK. The surplus in balance of trade in goods and services was therefore estimated 10.1 billion ISK in March 2020.
Numbers from 2019 reference updated data for trade in goods.
*According to Balance of Payments (BOP) and National Accounts (NA) standards.
| The value of exports and imports of services - Q1 2019 and 2020 | |||
| 1st quarter | Change on prev. year at current exch. rates, % 1st quarter | ||
| 2019 | 2020 | ||
| Export of services | 131,777.6 | 115,465.2 | -12.4 |
| Transport | 38,446.3 | 33,422.5 | -13.1 |
| Travel | 66,107.6 | 46,740.9 | -29.3 |
| Other business services | 9,399.9 | 10,918.8 | 16.2 |
| Other service categories | 17,823.8 | 24,382.9 | 36.8 |
| Import of services | 102,228.1 | 91,418.6 | -10.6 |
| Transport | 18,188.2 | 16,650.8 | -8.5 |
| Travel | 41,468.5 | 35,528.6 | -14.3 |
| Other business services | 15,801.3 | 15,586.9 | -1.4 |
| Other service categories | 26,770.1 | 23,652.3 | -11.6 |
| Balance of trade in services | 29,549.6 | 24,046.6 | |